Only in the separate countries also concerned only a joint-stock company part. For example, in 1980

In the USA have widely extended so-called "extra and administrative
Repayments "(LBO, it). They were reaction to a divergence of interests
Professional management and shareholders of some large corporations (the low
Share price of these companies as a symptom of high agency costs (agency
costs) gave the chance to "redeem" these companies under the low price.

History with repayments (buy-outs), received wide popularity,

"Short circuit" of corporation, its management, in itself, their loss is possible

From the general system of a corporate governance.

For Russia a corporate governance problem, i.e. the control from outside

Properties in joint-stock company sector, it is especially sharp owing to those entry conditions,

Which have been set by privatisation: in the large sizes of the enterprises, big

In weight of shareholders and shattered

Character of the property, considerable relative density of the joint-stock

The property concentrated in the enterprises. All these circumstances
Predetermine inevitability of redistribution of the joint-stock property in
Creation direction of "the ultimate authority control" (i.e. supervising
Interest).

Stages of structurization of the joint-stock property

Now (the middle of 1996) it is possible to allocate following stages
Structurizations of the joint-stock property in Russia:

The previous stages, but especially intensively occurring to the end of 1995 and

Proceeding now,

Certainly, this periodization is substantially conditional. First, in it
Basis such formal sign, as the Government program is put
Privatisations (further - it), accepted in July, 1992 and continued
Position about monetary privatisation in the end of 1994. Secondly, each of

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